Lasaco Assurance Plc has secured regulatory approval to offer agricultural insurance products, expanding its business portfolio as the company seeks to grow revenue and tap opportunities across Nigeria’s agricultural value chain.
The company disclosed this in a statement, noting that the approval would enable it to provide insurance solutions tailored to the needs of farmers, agribusinesses and other players in the agricultural sector.
Under the new offering, the insurer plans to provide several products, including Multi-Perils Crop Insurance, Plantation Insurance, Poultry Farm Insurance, Fishery Insurance, Livestock Insurance, Farm Property and Produce Insurance, as well as Cattle Insurance.
The expansion comes as agriculture continues to play a significant role in Nigeria’s economy through food production, employment, livelihood support and business development. However, farmers and agricultural enterprises face various risks that can affect production, income and investment.
Agricultural insurance is designed to help eligible farmers and businesses manage certain losses arising from covered risks, potentially improving their ability to withstand disruptions and sustain operations.
Lasaco Assurance Managing Director, Ademoye Shobo, expressed optimism that the new business line would contribute to the company’s revenue growth.
Shobo described the approval as an opportunity for the insurer to strengthen its role in protecting agricultural businesses while developing its presence in a specialised segment of the insurance market.
She said the initiative would enable the company to contribute to the protection and growth of agricultural enterprises.
The company’s Head of Strategy, Adedayo Adetokun, said the development aligned with Lasaco Assurance’s long-term strategy of diversifying its operations and improving its competitive position.
Adetokun stressed the importance of strategic partnerships and innovative approaches in unlocking the potential of the agricultural insurance portfolio.
With the approval, Lasaco Assurance said it planned to build stronger relationships with farmers, agricultural businesses, distributors and other industry stakeholders to improve its understanding of market needs and identify sustainable growth opportunities.
The company said the move would support its efforts to expand its agricultural insurance business in line with applicable regulatory requirements.
The entry into agricultural insurance marks another step in Lasaco Assurance’s diversification strategy, with the company expecting the new products to broaden its customer base and create additional opportunities for revenue generation.
